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General

12 Months Ended

Dec. 31, 2018

Disclosure of notes and other explanatory information [Abstract]

1. GENERAL

(1)	Summary of the parent company

Effective as of January 11, 2019, Woori Financial Group Inc. (“Woori Financial Group”) was established as the financial holding company of Woori Bank (hereinafter referred to as the “Bank” or “Woori Bank”), and Woori Bank became a wholly-owned subsidiary of Woori Financial Group, pursuant to a “comprehensive stock transfer” under Article 360-15 of the Korean Commercial Code (the “Stock Transfer”). In the Stock Transfer, holders of Woori Bank common stock transferred all of their shares to Woori Financial Group and in return received shares of the common stock of Woori Financial Group. The Stock Transfer constitutes a “succession” for purposes of Rule 12g-3(a) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), such that the common stock of Woori Financial Group is deemed to be registered under Section 12(b) of the Exchange Act by operation of Rule 12g-3(a). This Form 15 relates solely to the common stock, American depositary shares representing such common stock and reporting obligations of Woori Bank under the Exchange Act. As the successor issuer to Woori Bank, Woori Financial Group will hereafter file reports under the Exchange Act with the U.S. Securities and Exchange Commission using the commission file number of Woori Bank (001-31811).

As part of the comprehensive stock transfer as of January 11, 2019, Woori Bank became a wholly owned subsidiary of Woori Financial Group and transferred the ownership of five of its subsidiaries to Woori Financial Group. These companies were Woori FIS Co., Ltd., Woori Finance Research Institute Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Service Co., Ltd., Woori Private Equity Asset Management Co., Ltd..

As a result, Woori Financial Group prepared these consolidated financial statements including the operations of its predecessor entities Woori Bank, Woori FIS Co., Ltd., Woori Finance Research Institute Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Service Co., Ltd., Woori Private Equity Asset Management Co., Ltd. and its consolidated subsidiaries.

Woori Financial Group, which is a controlling entity in accordance with International Financial Reporting standards (“IFRS”) 10—Consolidated Financial Statements, was established in 1899 and is engaged in the commercial banking business under the Banking Act, trust business and foreign exchange business under the Financial Investment Services and Capital Market Act (hereinafter referred to as the “Capital Market Act”).

Previously, Woori Finance Holdings Co., Ltd. (established on March 27, 2001 in accordance with Financial Holding Companies Act), the former holding company of Woori Financial Group, held a 100% ownership of the Bank. Effective from November 1, 2014, Woori Finance Holdings Co., Ltd. completed its merger (the “Merger”) with and into the Bank. Accordingly, the shares of the Bank, 597 million shares, prior to the merger, was reduced to nil in accordance with capital reduction procedure, and then, in accordance with the merger ratio, the Bank newly issued 676 million shares. As a result, the paid-in capital of the Bank as of December 31, 2018 is capital stock amounting to 3,381,392 million Korean Won. Meanwhile, during the year ended December 31, 2016, the Korea Deposit Insurance Corporation (“KDIC”), the majority shareholder of the Bank, sold its 187 million shares in the Bank in accordance with the contract of “Disposal of Woori Bank’s shares to Oligopolistic Shareholders”. In addition to the sale, during the year ended December 31, 2017, KDIC sold additional 33 million shares. As a result, KDIC holds 125 million shares (18.43% ownership interest) of the Bank as of December 31, 2018 and 2017, and is the majority shareholder of the Bank.

On June 24, 2002, Woori Finance Holdings Co., Ltd. listed its common stock on the Korea Exchange through public offering. In addition, on September 29, 2003, Woori Finance Holdings Co., Ltd. registered with the Securities and Exchange Commission in the United States of America and, on the same day, listed its American Depositary Shares on the New York Stock Exchange.

As Woori Finance Holdings Co., Ltd. was merged into the Bank, the Bank, which is the existing company, succeeded such rights and obligations as a listed company on the Korea Exchange and the New York Stock Exchange.

As a result of such merger, the Bank incorporated Woori Card Co., Ltd., Woori Investment Bank Co., Ltd., Woori FIS Co., Ltd., Woori Private Equity Asset Management Co., Ltd. and Woori Finance Research Institute Co., Ltd. as its subsidiaries.

The headquarters of the Bank is located at 51, Sogong-ro, Jung-gu, Seoul, Korea. The Bank has 877 branches and offices in Korea, and 23 branches and offices overseas as of December 31, 2018.

(2)	The consolidated financial statements for Woori Financial Group Inc. and its subsidiaries (the “Group”) include the following subsidiaries:

Percentage of ownership (%)

Location

Financial
statements
as of
(2018)

Subsidiaries

Main business

December 31,
2017

December 31,
2018

Woori Bank:

Woori FIS Co., Ltd.

System software
development &
maintenance

100.0

Korea

December 31

Woori Private Equity Asset Management Co., Ltd.

Finance

100.0

Korea

December 31

Woori Finance Research Institute Co., Ltd.

Other service business

100.0

Korea

December 31

Woori Card Co., Ltd.

Finance

100.0

Korea

December 31

Woori Investment Bank Co., Ltd.

Other credit finance
business

59.8

Korea

December 31

Woori Credit Information Co., Ltd.

Credit information

100.0

Korea

December 31

Woori America Bank

Finance

100.0

U.S.A.

December 31

Woori Global Markets Asia Limited

”

100.0

Hong Kong

December 31

Woori Bank China Limited

”

100.0

China

December 31

AO Woori Bank

”

100.0

Russia

December 31

PT Bank Woori Saudara Indonesia 1906 Tbk

”

79.9

Indonesia

December 31

Banco Woori Bank do Brasil S.A.

”

100.0

Brazil

December 31

Korea BTL Infrastructure Fund

”

99.9

Korea

December 31

Woori Fund Service Co., Ltd.

”

100.0

Korea

December 31

Woori Finance Cambodia PLC.

”

100.0

Cambodia

December 31

Woori Finance Myanmar Co., Ltd.

”

100.0

Myanmar

December 31

Wealth Development Bank

”

51.0

Philippines

December 31

Woori Bank Vietnam Limited

”

100.0

Vietnam

December 31

WB Finance Co., Ltd.^(*5)

”

—

100.0

Cambodia

December 31

Woori Bank Europe^(*5)

”

—

100.0

Germany

December 31

Kumho Trust First Co., Ltd.^(*1)

Asset securitization

0.0

Korea

December 31

Asiana Saigon Inc.^(*1)

”

0.0

Korea

December 31

Consus Eighth Co., LLC^(*4)

”

0.0

—

Korea

—

KAMCO Value Recreation First Securitization Specialty Co., Ltd.^(*1)

”

15.0

Korea

December 31

Hermes STX Co., Ltd.^(*1)

”

0.0

Korea

December 31

BWL First Co., LLC ^(*1)

”

0.0

Korea

December 31

Deogi Dream Fourth Co., Ltd.^(*1)

”

0.0

Korea

December 31

Jeonju Iwon Ltd.^(*1)

”

0.0

Korea

December 31

Wonju I one Inc.^(*1)

”

0.0

Korea

December 31

Heitz Third Co., Ltd.^(*1)

”

0.0

Korea

December 31

Woorihansoop 1st Co., Ltd.^(*1)

”

0.0

Korea

December 31

Electric Cable First Co., Ltd.^(*1)

”

0.0

Korea

December 31

Woori International First Co., Ltd.^(*1)

”

0.0

Korea

December 31

Woori HJ First Co., Ltd.^(*4)

”

0.0

—

Korea

—

Woori WEBST 1st Co., Ltd.^(*1)

”

0.0

Korea

December 31

Wibihansoop 1st Co., Ltd.^(*1)

”

0.0

Korea

December 31

HNLD 1st Inc.^(*4)

”

0.0

—

Korea

—

Uri QS 1st Co., Ltd.^(*1)

”

0.0

Korea

December 31

Uri Display 1st Co., Ltd.^(*1)

”

0.0

Korea

December 31

Tiger Eyes 2nd Co., Ltd.^(*1)

”

0.0

Korea

December 31

Woori Serveone 1st Co., Ltd.^(*1)

”

0.0

Korea

December 31

Uri Display 2nd Co.,Ltd.^(*1)

”

—

0.0

Korea

December 31

Woori the Colony Unjung Securitization Specialty Co., Ltd.^(*1)

”

—

0.0

Korea

December 31

Woori Dream 1st Co., Ltd.^(*1)

”

—

0.0

Korea

December 31

Woori Dream 2nd Co., Ltd.^(*1)

”

—

0.0

Korea

December 31

Woori H 1st Co., Ltd.^(*1)

”

—

0.0

Korea

December 31

Woori HS 1st Co., Ltd.^(*1)

”

—

0.0

Korea

December 31

Woori HS 2nd Co., Ltd.^(*1)

”

—

0.0

Korea

December 31

Woori Sinnonhyeon 1st Inc.^(*1)

”

—

0.0

Korea

December 31

Woori K 1st Co.,Ltd.^(*1)

”

—

0.0

Korea

December 31

Uri S 1st Co.,Ltd.⁽*¹⁾

”

—

0.0

Korea

December 31

Smart Casting Inc.⁽*¹⁾

”

—

0.0

Korea

December 31

G5 Pro Short-term Bond Investment Fund 13⁽*²⁾

Securities investment and
others

100.0

Korea

December 31

Heungkuk Global Private Placement Investment Trust No. 1⁽*²⁾

”

—

98.5

Korea

December 31

HeungkukWoori Tech Company Private Placement Investment Trust No. 1⁽*²⁾

”

98.0

Korea

December 31

AI Partners Water Supply Private Placement Investment Trust No.2⁽*²⁾

”

—

97.3

England

December 31

Consus Sakhalin Real Estate Investment Trust 1st⁽*²⁾

”

75.0

Korea

December 31

Principle Guaranteed Trust⁽*³⁾

Trust

0.0

Korea

December 31

Principle and Interest Guaranteed Trust⁽*³⁾

”

0.0

Korea

December 31

Woori Investment Bank:

Dongwoo First Securitization Specialty Co., Ltd.⁽*¹⁾

Asset securitization

5.0

Korea

December 31

Seari First Securitization Specialty Co., Ltd.⁽*¹⁾

”

5.0

Korea

December 31

Seari Second Securitization Specialty Co., Ltd.⁽*¹⁾

”

—

5.0

Korea

December 31

Namjong 1st Securitization Specialty Co., Ltd.⁽*¹⁾

”

5.0

Korea

December 31

Bukgeum First Securitization Specialty Co., Ltd.⁽*¹⁾

”

5.0

Korea

December 31

Bukgeum Second Securitization Specialty Co., Ltd.⁽*¹⁾

”

—

5.0

Korea

December 31

Woori Card Co., Ltd.:

TUTU Finance-WCI Myanmar Co., Ltd.

Finance

100.0

Myanmar

December 31

Woori Card one of 2017-1 Securitization Specialty Co., Ltd.⁽*¹⁾

Asset securitization

0.5

Korea

December 31

Woori Card one of 2017-2 Securitization Specialty Co., Ltd.⁽*¹⁾

”

0.5

Korea

December 31

Woori Card one of 2018-1 Securitization Specialty Co., Ltd.⁽*¹⁾

”

—

0.5

Korea

December 31

(*1)

The entity is a structured entity for the purpose of asset securitization and is in scope for consolidation. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns.

(*2)

The entity is a structured entity for the purpose of investment in securities and is in scope for consolidation. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns.

(*3)

The entity is a ‘money trust’ under the Financial Investment Services and Capital Markets Act and is in scope for consolidation. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns.

(*4)	The entity was removed from the list of subsidiaries as the control over the entity was lost during the current period.

(*5)	The entity was included in the list of subsidiaries as the Bank acquired more than 50% of the ownership interest.

(3)	The Group has not consolidated the following entities as of December 31, 2017 and 2018 despite having more than 50% ownership interest:


	As of December 31, 2017
Subsidiaries	Location	Main Business	Percentage of ownership (%)
Golden Bridge NHN Online Private Equity Investment^(*)	Korea	Securities Investment		60.0
Mirae Asset Maps Clean Water Private Equity Investment Trust 7th^(*)	Korea	Securities Investment		59.7
Kiwoom Yonsei Private Equity Investment Trust^(*)	Korea	Securities Investment		88.9
Hana Walmart Real Estate Investment Trust 41-1^(*)	Korea	Securities Investment		90.1
IGIS Global Private Placement Real Estate Fund No. 148-1^(*)	Korea	Securities Investment		75.0
IGIS Global Private Placement Real Estate Fund No. 148-2^(*)	Korea	Securities Investment		75.0


	As of December 31, 2018
Subsidiaries	Location	Main Business	Percentage of ownership (%)
Golden Bridge NHN Online Private Equity Investment^(*)	Korea	Securities Investment		60.0
Mirae Asset Seobu Underground Expressway Professional Investment^(*)	Korea	Securities Investment		65.8
Mirae Asset Maps Clean Water Private Equity Investment Trust 7th^(*)	Korea	Securities Investment		59.7
Kiwoom Yonsei Private Equity Investment Trust^(*)	Korea	Securities Investment		88.9
Hana Walmart Real Estate Investment Trust 41-1^(*)	Korea	Securities Investment		89.6
IGIS Europe Private Placement Real Estate Fund No. 163-2^(*)	Korea	Securities Investment		97.9
IGIS Global Private Placement Real Estate Fund No. 148-1^(*)	Korea	Securities Investment		75.0
IGIS Global Private Placement Real Estate Fund No. 148-2^(*)	Korea	Securities Investment		75.0
KB Nongso Sewage Treatment Equipment Private Special Asset^(*)	Korea	Securities Investment		50.0
Mirae Asset Seoul Ring Expressway Private Special Asset Fund No. 1^(*)	Korea	Securities Investment		66.2
Hangkang Sewage Treatment Plant Fund^(*)	Korea	Securities Investment		55.6
Consus KyungJu Green Private Placement Real Estate Fund No. 1^(*)	Korea	Securities Investment		52.4

(*)	Since the investee is a private equity investment fund, the Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest.

(4)	The summarized financial information of the major subsidiaries are as follows. The financial information of each subsidiary was prepared on the basis of consolidated financial statements. (Unit: Korean Won in millions):


	As of and for the year ended December 31, 2017
	Assets		Liabilities		Operating revenue		Net income (loss) attributable to owners			Comprehensive income (loss) attributable to owners
Woori FIS Co., Ltd.		103,932		71,386		252,460		1,940			(2,963	)
Woori Private Equity Asset Management Co., Ltd.		42,894		2,670		7,257		(4,114	)		(4,074	)
Woori Finance Research Institute Co., Ltd.		3,790		350		4,733		83			64
Woori Card Co., Ltd.		8,605,993		6,973,705		1,771,157		101,214			107,321
Woori Investment Bank Co., Ltd.		1,880,157		1,588,610		183,376		20,023			20,210
Woori Credit Information Co., Ltd.		33,298		6,175		31,580		861			752
Woori America Bank		1,954,301		1,679,248		81,337		11,869			(16,833	)
Woori Global Markets Asia Limited		290,226		178,343		11,345		1,922			(12,544	)
Woori Bank China Limited		4,960,637		4,458,683		388,913		13,809			(15,252	)
AO Woori Bank		201,704		149,101		15,656		4,748			1,217
PT Bank Woori Saudara Indonesia 1906 Tbk		2,230,617		1,745,171		192,485		38,488			(18,689	)
Banco Woori Bank do Brasil S.A.		213,889		181,544		20,455		1,843			(2,840	)
Korea BTL Infrastructure Fund		786,480		301		30,240		26,390			26,390
Woori Fund Service Co., Ltd.		12,653		1,242		9,021		1,398			1,398
Woori Finance Cambodia PLC.		51,304		32,873		5,895		983			(473	)
Woori Finance Myanmar Co., Ltd.		18,236		5,307		2,506		791			15
Wealth Development Bank		191,049		156,808		13,632		1,323			(1,093	)
Woori Bank Vietnam Limited		775,758		632,160		29,698		2,436			(15,347	)
Money trust under the FISCM Act		1,560,672		1,530,760		44,344		582			582
Structured entity for the securitization of financial assets		867,583		1,275,719		22,730		1,179			(2,800	)
Structured entity for the investments in securities		34,939		76		377		(475	)		(38,592	)


	As of and for the year ended December 31, 2018
	Assets		Liabilities		Operating revenue		Net income (loss) attributable to owners			Comprehensive income (loss) attributable to owners
Woori FIS Co., Ltd.		96,260		63,412		271,651		2,840			269
Woori Private Equity Asset Management Co., Ltd.		38,820		1,439		1,713		(2,794	)		(2,843	)
Woori Finance Research Institute Co., Ltd.		3,891		560		4,708		7			(109	)
Woori Card Co., Ltd.		9,987,057		8,305,093		1,371,301		114,767			106,517
Woori Investment Bank Co., Ltd.		2,682,660		2,367,418		205,446		25,552			25,533
Woori Credit Information Co., Ltd.		34,921		6,386		36,883		1,657			1,411
Woori America Bank		2,182,454		1,878,117		90,975		20,510			32,335
Woori Global Markets Asia Limited		517,627		396,216		18,748		5,144			9,647
Woori Bank China Limited		5,470,927		4,953,813		366,973		21,879			19,194
AO Woori Bank		305,521		256,260		19,433		5,163			(3,234	)
PT Bank Woori Saudara Indonesia 1906 Tbk		2,355,975		1,853,768		192,719		40,385			27,109
Banco Woori Bank do Brasil S.A.		179,130		149,146		13,971		1,262			(2,326	)
Korea BTL Infrastructure Fund		777,437		299		29,760		26,057			26,057
Woori Fund Service Co., Ltd.		14,448		1,440		10,052		1,597			1,597
Woori Finance Cambodia PLC.		93,239		71,133		11,038		2,826			3,676
Woori Finance Myanmar Co., Ltd.		19,340		6,886		4,496		640			(1,256	)
Wealth Development Bank		218,134		184,344		13,668		80			(451	)
Woori Bank Vietnam Limited		954,580		720,554		48,716		10,710			13,618
WB Finance Co., Ltd.		268,794		225,655		24,310		2,421			2,329
Woori Bank Europe		58,399		311		5		(5,959	)		(5,974	)
Money trust under the FISCM Act		1,582,765		1,552,594		54,860		259			259
Structured entity for the securitization of financial assets		1,369,745		1,786,869		53,578		4,990			(5,681	)
Structured entity for the investments in securities		63,676		142		1,826		(1,299	)		(3,009	)

(5)	The financial support that the Group provides to consolidated structured entities is as follows:

•

Structured entity for asset securitization

The structured entity is established for the purpose of securitization of project financing loans, corporate bonds, and other financial assets. The Group is involved with the structured entity through providing with credit facility over asset-backed commercial papers issued by the entity, originating loans directly to the structured entity, or purchasing 100% of the subordinated debts issued by the structured entity.

•

Structured entity for the investments in securities

The structured entity is established for the purpose of investments in securities. The Group acquires beneficiary certificates through its contribution of fund to the structured entity, and it is exposed to the risk that it may not be able to recover its fund depending on the result of investment performance of asset managers of the structured entity.

•

Money trust under the Financial Investment Services and Capital Markets Act

The Group provides with financial guarantee of principal and interest or solely principal to some of its trust products. Due to the financial guarantees, the Group may be obliged when the principal and interest or principal of the trust product sold is short of the guaranteed amount depending on the result of investment performance of the trust product.

(6)

The Group has entered into various agreements with structured entities such as asset securitization, structured finance, investment fund, and monetary trust. The characteristics and the nature of risks related to unconsolidated structured entities over which the Group does not have control in accordance with IFRS 10 are as follows:

The ownership interests on unconsolidated structured entities that the Group hold are classified into asset securitization vehicles, structured finance and investment fund, based on the nature and the purpose of the structured entities.

Unconsolidated structured entities classified as ‘asset securitization vehicles’ are entities that issue asset-backed securities, pay the principal and interest or distributes dividends on asset-backed securities through borrowings or profits from the management, operation and sale of securitized assets. The Group transfers related risks from the purchase commitments of asset-backed securities or issuance of asset-backed securities through credit grants, and the structured entities recognize related interest or fee revenue. There are entities that provide additional fund and conditional debt acquisition commitment before the Group’s financial support, but the Group is still exposed to losses arising from the purchase of financial assets issued by the structured entities when it fails to renew the securities.

Unconsolidated structured entities classified as ‘structured financing’ include real estate project financing investment vehicle, social overhead capital companies, and special purpose vehicles for ship (aircraft) financing. Each entity is incorporated as a separate company with a limited purpose in order to efficiently pursue business goals. ‘Structured financing’ is a financing method for large-scale risky business, with investments made based on feasibility of the specific business or project, instead of credit of business owner or physical collaterals. The investors receive profits from the operation of the business. The Group recognizes interest revenue, valuation gain or loss on ownership interest, or dividend income. With regard to uncertainties involving structured financing, there are entities that provide financial support such as additional fund, guarantees and prioritized credit grants prior to the Group’s intervention, but the Group is exposed to possible losses due to loss of principal from reduction in investment value or irrecoverable loans arising from failure to collect scheduled cash flows and cessation of projects.

Unconsolidated structured entities classified as ‘investment funds’ include investment trusts and private equity funds. An investment trust orders the investment and operation of funds to the trust manager in accordance with trust contract with profits distributed to the investors. Private equity funds finances money required to acquire equity securities to enable direction of management and/or improvement of ownership structure, with profit distributed to the investors. The Group recognizes pro rata amount of valuation gain or loss on investment and dividend income as an investor, and may be exposed to losses due to reduction in investment value.

Total assets of the unconsolidated structured entities, the carrying value of the related items recorded, the maximum exposure to risks, and the loss recognized in conjunction with the unconsolidated structured entities as of December 31, 2017 and 2018 are as follows (Unit: Korean Won in millions):


	December 31, 2017
	Asset securitization vehicle		Structured finance		Investment Funds
Total asset of the unconsolidated structured entities		7,295,601		40,172,830		13,641,135
Assets recognized in the consolidated financial statements related to the unconsolidated structured entities		3,215,159		2,314,043		1,138,523
Financial assets held for trading		—		233,428		10,160
AFS financial assets		902,390		106,819		904,774
HTM financial assets		2,269,451		—		—
Loans and receivables		43,180		1,969,760		—
Investments in joint ventures and associates		—		—		223,589
Derivative assets		138		4,036		—
Liabilities recognized in the consolidated financial statements related to the unconsolidated structured entities		1,433		1,506		—
Derivative liabilities		575		968		—
Other liabilities (including provisions)		858		538		—
The maximum exposure to risks		4,032,531		2,918,448		1,138,523
Investments		3,215,159		2,314,043		1,138,523
Credit facilities		817,372		604,405		—
Loss recognized on unconsolidated structured entities		837		3,939		5,993


	December 31, 2018
	Asset securitization vehicle		Structured finance		Investment Funds
Total asset of the unconsolidated structured entities		6,796,235		58,161,494		11,138,822
Assets recognized in the consolidated financial statements related to the unconsolidated structured entities		2,571,835		2,831,842		1,530,767
Financial assets at FVTPL		285,156		70,219		1,197,844
Financial assets at FVTOCI		281,919		48,961		—
Financial assets at amortized cost		2,003,921		2,511,055		71,150
Investments in joint ventures and associates		—		197,393		261,773
Derivative assets		839		4,214		—
Liabilities recognized in the consolidated financial statements related to the unconsolidated structured entities		1,260		905		—
Derivative liabilities		116		248		—
Other liabilities (including provisions)		1,144		657		—
The maximum exposure to risks		3,252,329		3,408,271		1,587,325
Investments		2,571,835		2,831,842		1,530,767
Credit facilities		680,494		576,429		56,558
Loss recognized on unconsolidated structured entities		5,764		11,609		13,868

(7)	The share of non-controlling interests on the net income and equity of subsidiaries of which non-controlling interests are significant are significant to the Group’s consolidated financial statements are as follows: (Unit: Korean Won in millions):

1) Accumulated non-controlling interests at the end of the reporting period


	December 31, 2017		December 31, 2018
Woori Investment Bank		119,111		130,088
PT Bank Woori Saudara Indonesia 1906 Tbk		64,877		68,250
Wealth Development Bank		16,778		16,557

2) Net income or loss attributable to non-controlling interests


	For the year ended December 31
	2016		2017		2018
Woori Investment Bank		9,990		8,370		10,262
PT Bank Woori Saudara Indonesia 1906 Tbk		6,383		8,882		8,126
Wealth Development Bank		611		648		39

3) Dividends to non-controlling interests

For the year ended December 31

2016

2017

2018

PT Bank Woori Saudara Indonesia 1906 Tbk

1,242

1,513

2,082